Property taxes can be a heavy burden for homeowners, especially in certain cities across the United States. In 2023, some areas in the Northeast and Midwest have emerged with staggering rates that far exceed the national average.
For instance, Illinois boasts the second-highest property tax rate in the country at a staggering 2.1%, which is more than double the national average of 0.9%.
Meanwhile, cities in upstate New York are also notorious for their high tax burdens, with Monroe County reaching an effective rate of 2.9%.
As home prices continue to rise, property taxes are following suit, with increases reported in 48 out of the 50 most populated metro areas since 2019.
This guide explores the ten cities where property taxes are at their craziest, shedding light on the financial implications for homeowners and potential buyers alike.
1: Rockford, Illinois
Rockford, Illinois, features one of the highest property tax rates in the nation, sitting at approximately 2.3%. Homeowners in Rockford face significant financial strain as property taxes rise alongside declining home values.
The local government cites a need for revenue to fund public services, which contributes to these elevated rates.
With median property values around $125,000, many residents find themselves paying over $2,800 annually in property taxes. The burden continues to impact affordability and housing stability in this midwestern city.
2: Waterbury, Connecticut
Waterbury, Connecticut, faces a staggering property tax rate of 4.5%. Homeowners grapple with this burden as it significantly impacts their financial stability.
The city’s median property value is around $241,000, leading to annual property tax bills exceeding $10,800. Local officials justify these high taxes by emphasizing the need for funding education and public safety.
However, residents often feel the strain of maintaining affordable living, especially in a city where property values have fluctuated over the years.
3: Bridgeport, Connecticut
Bridgeport imposes a hefty property tax rate of 4.5%, matching that of Waterbury. Homeowners in this coastal city deal with significant financial pressure.
With median property values around $274,000, residents often pay over $12,300 annually in property taxes. Local officials defend these rates as necessary for funding essential services like education and public safety.
However, many residents find it challenging to absorb these costs while striving to maintain housing affordability in an ever-evolving real estate market.
4: Aurora, Illinois
Aurora, Illinois, ranks high with a property tax rate of approximately 3.5%, significantly impacting local homeowners. Home values have increased, prompting higher tax bills that strain residents’ finances.
As the second largest city in Illinois, Aurora’s median property value hovers around $250,000, leading to annual tax payments that can exceed $8,750.
Local authorities justify these rates to fund education, infrastructure, and public safety, but many residents express concerns about housing affordability in a city facing economic challenges.
5: Elgin, Illinois
Elgin, Illinois, features an alarming property tax rate of approximately 2.8%, placing a heavy burden on its homeowners.
With median property values around $215,000, residents face annual tax bills close to $6,000. Local officials argue that these rates are essential for funding schools and infrastructure projects.
However, many families struggle with affordability, especially in a city where housing costs continue to rise.
The balance between necessary public services and the financial strain on homeowners remains a significant concern in Elgin.
6: Rochester, New York
Rochester’s property tax rate is around 2.8%, putting substantial pressure on its homeowners. With median property values near $180,000, residents often face annual tax bills exceeding $5,000.
Local officials assert these rates are necessary to support vital services, including education and public safety.
However, many Rochester residents find it increasingly difficult to balance these costs with their household budgets, particularly as property values continue to fluctuate.
The city’s ongoing challenges in maintaining affordability highlight the struggle homeowners face amid rising taxes.
7: Syracuse, New York
Syracuse, New York, presents a challenging property tax landscape with an effective rate of approximately 3.6%.
Homeowners in Syracuse feel the financial burden critically, especially with median property values around $150,000.
Many residents encounter annual property tax bills that exceed $5,400, straining household budgets significantly.
Local authorities defend these elevated rates by emphasizing the need for funding essential services like education and infrastructure.
However, this ongoing challenge continues to impact affordability, making it increasingly difficult for homeowners to manage their finances in this upstate city.
8: Peoria, Illinois
Peoria, Illinois, tops the list with the highest property taxes relative to home value in the United States. Residents pay an astounding 2.64% of their home’s value annually in property taxes.
With a median home value of $168,900, homeowners face an average tax bill of about $4,455 each year.
Local officials cite funding public services as a reason for these high taxes, but many community members find it challenging to balance their budgets amidst rising tax burdens. The financial strain significantly impacts housing affordability in this Midwestern city.
9: Lansing, Michigan
Lansing, Michigan, ranks high with an effective property tax rate of approximately 2.6%. Homeowners in Lansing frequently face financial challenges due to rising annual tax bills, which can exceed $3,500 based on median property values around $135,000.
City officials defend these taxes as essential for maintaining public services, including education and infrastructure.
However, many residents express frustration over affordability, as these taxes strain budgets in a market with fluctuating property values, creating additional pressure for local homeowners.
10: Pearland, Texas
Pearland, Texas, faces a property tax rate of approximately 2.8%, creating significant financial stress for homeowners.
Median property values hover around $290,000, leading to annual tax bills that can exceed $8,120. Local authorities justify these high taxes by emphasizing the need for funding schools and public infrastructure.
However, residents often find it challenging to cope with these costs, particularly as the housing market becomes more competitive, making affordability an ongoing concern in this rapidly growing city.
Alicia Richards